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Cheapest Pension for tracking S&P 500
Hi, I wanted to start paying a couple of hundred pounds a month into a pension. I basically just want a fund that will track the S&P 500 for as cheap as I can get it (I also already have a nest pension and will be getting a LISA come April). I believe this would be a SIPPs. Does anyone know which is the cheapest provider…
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UFPLS or Drawdown, NO difference for me?????
Hi I’m progressing through my pension sort out and have got stuck. I want to make maximum use of my PA and SIPP until I become a tax payer. I don’t want to pay any tax if at all avoidable. I am not sure I can see a difference with my particular case between UFPLS and Drawdown so can anybody please tell me what the…
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Hi all, I have a 5% (company matching) pension. Saving also. Could I do more?
Hi all, I am educating myself more about pensions. I have a pension scheme at work where I give 5% and company matches it. What could I be doing more in terms of pensions? I regularly save in a savings account. Not sure if there is a more savvy way to approach pensions so I am asking. Thank you in advance for helping :)
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Prudentiual AVC with LGPS
Hi all Really hope someone can help me on this. At a recent prudential AVC presentation they were stating the tax advantages of AVCs (i.e. can withdrawn 100% tax free) at the same time as a LGPS. So with a year to go before possible retirement I thought I would put some money in from my salary. Sounds good: however they…
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State Pension and Income Tax
Sorry to be a nuisance, but I'm a bit baffled over the latest figures which the Inland Revenue has come up with in regard to my annual income tax assessment. Today I've received a Revenue email asking me to check its latest tax code / tax forecast in my online PAYE account. I've done so. I cannot understand why the Revenue…
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Do I have my sums correct or am I pie in the sky?
I've posted this in my little MFW diary but here is the gist of it: Current Salary £47500 with potential pay rise of 4-6% next month. Pension currently 5% but increasing to 20% in new tax year 2017/2018. Mortgage has 17.5 years left to run - currently 67K. Mortgage paid off by age 62. * Keeping 4 savings vehicles: 2 x…
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Should my Pension escalate annually
I have a Section 32 Pension with a Guaranteed Minimum Pension (GMP), the fund value is such that it will only pay out the GMP. My pension provider says I am therefore not entitled to annual increments to my Guaranteed Minimum Pension because the contributions were made before April 1988, even though the policy date is 25…
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Lump sum planning
Within the next five years I will receive a lump sum and an inheritance which I won't know what to do with. Would it be possible to remortgage the house at under 2% and then invest the cash in S&S ISAs. I could then pay the mortgage off with the lump sum. I could just imagine a bank manager saying 'borrow to invest' no way…
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Life time allowance query
Hi, I'm 52 and have a £600k DC pension due at 55 and a £400k DB pension due at 60. I will take the 25% tax free cash from the £600k DC at 55, go into drawdown and I'm assuming that will be a benefit crystallisation event against the £1m LTA. Ignoring the annual LTA increase of CPI, come age 60 when I draw on the DB pension…
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Both Parents removed to a care home.
I hope this is the correct forum. Sadly both parents owning there own home have had deprivation of liberties imposed and placed in different care homes. ( dementia and cannot be together) I have Power of Attourny. Numerous attempts to keep them at home have failed. The fees for care homes are double that of Social funded.…
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State Pension Top up
DWP have just sent me a leaflet about this.Is it worth doing to obtain extra weekly pension payment in return for giving them a lump sum?
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Bid offer spread, is this considered an exit charge?
Hi a family member is considering his options with an Abbey Life personal pension. If he transfers this into a SIPP, it is likely that it will be liquidated, as the funds are not available on the open market. There are no longer any overt exit charges. However, the bid offer spread is 64p and 78p of 26,000 Acc. units in…
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Carrying forward unused allowance
The maximum a non-earner can contribute to a pension is £3,600 gross (£2,880 net). If this allowance has not been used up in any of the previous 3 years, is it possible to put in 3 x £2,880 = £8,640 net this year? Or does carry forward only apply to the maximum £40,000 annual allowance and only if you had a pension in the…
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LTA tax
If you have a DB pension that exceeds the LTA and you have the pension and a lump sum - How does the tax man decide on where the tax is taken - the lump sum or the pension? Or do you get the choose and which would be better? Thanks...
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Annuity and Penion Credit
For several years I paid a total of £17,600 into a company pension scheme and the company matched it pound for pound so the total pot was £35,200 The company pension handbook clearly stated it was a pension scheme. Due to incapacity I was able to claim my pension before the retirement age and received a lump sum of £18,200…
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Prudential Pensions
Hi. I am still a few years from when my Pru pension matures. One in 4 years time at 60 with the other a section 32 at 65. Just wondering if anyone can enlighten me as to what the Prudential were like to deal with when this event eventually occurs. I.e. were they relatively easy to deal with if you decide to move the fund…
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Civil Service Pension
Hi! Just wanted some advice.... I am 61 and worked for the Civil Service in my teens and my twenties. I have made a preliminary inquiry and they have come back to me in no uncertain terms telling me I do not qualify. Surely if I paid into a pension scheme they cannot keep my money? I have written again as their first…
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SIPP via Lifetime ISA for retirement
I'm 39 years old and self-employed. Most years I'm in the 20% tax bracket and occasionally I might slip just into the 40% tax bracket, but only by 1-3k. I know I need to sort out some pension provision as I haven't been paying into anything for the last 5 years but am not sure whether to go for a SIPP or a LISA. My…
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Pension Guarantee Credit advice please
I started a thread http://forums.moneysavingexpert.com/showthread.php?t=5601400 and received some very helpful advice which I have begun to implement but I can't get my head around the Pension Guarantee credit. I have completed the form to see whether I am eligible for this but I'm not because I have savings of around…
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Lifetime Allowance
My hubbie has been told if he retires at 65 his DB scheme will be very close to the LTA limit. A financial advisor has told us last year not to make any more payments into his AVC because of this. He is coming up to 50 and is now thinking he might like to retire earlier - maybe 60 - 62. Although our joint pension pot at…